Three challenges all import businesses face…and how you can avoid them without any additional cost
First published on Medium.com
It’s one thing running a business with all your suppliers being in the same country, but when you have to source from overseas, there are many other complications that go alongside.
We have pulled together three most common challenges you may currently be facing, and how you can solve them without any added cost to your business.
1. Making Cost-effective Payments
Market fluctuations always bring risk to import businesses and continuously affect profits. Luckily, there are tools to help import businesses like yours manage global payments and get the most out of the currency market.
Like most import businesses, you probably have multiple vendors and suppliers to pay each month. Using a currency specialist will give you access to a wide range of global payment products that can help with making every payment cost-effective.
2. Managing Currency Volatility
One of the hardest things for an importer is tracking the exchange rate. With numerous things to do on a daily basis, you need a currency specialist to work with you and provide you with constant updates on where the market is and why.
Chances are that geopolitical events and market shifts could impact your bottom line. Our Exchange Later solution, which allows you to exchange and trade currencies with other businesses at a rate determined by you, has been designed with that in mind and can help you hedge against any currency related market fluctuations.
A currency specialist like VertoFX will provide you with constant updates tailored to what you trade to help you manage your transactions accurately.
3. Managing Cash Flow
Importers can have very complex payment schedules. Sometimes, having different suppliers to pay in different currencies, in addition to constant fight to manage cash-flow – it is not an easy task for any business owner.
A currency specialist like VertoFX can provide you with a solution to manage all your different payments from each currency via an online platform.
And because we offer same-day payments*, you can sleep knowing your supplier will receive their money on time.
Click here to open your free account on our online platform and see how you can benefit from consistent savings on exchange rates and tailored service to help you take advantage of the market fluctuations.